NR Amazon.com uses Advanced Systems Labor Software. This small company had nearly ~%200 revenue growth in a year cluttered with Y2K issues. ADSN - worth a look...
Advanced Systems International Reports Fiscal 1999 Results Year to Year Revenues Tripled as Company Forges Ahead In B2B Enabling Solutions
Advanced Systems International Reports Fiscal 1999 Results Year to Year Revenues Tripled as Company Forges Ahead In B2B Enabling Solutions
SOUTHFIELD, Mich., Mar 31, 2000 /PRNewswire via COMTEX/ --
Advanced Systems International ("ASI") (OTC Bulletin Board: ADSN), a leading provider of enterprise software solutions, today reported results for the fourth quarter and
year ended December 31, 1999.
For the fiscal year ended December 31, 1999, revenues increased to $6,868,530, compared with $2,379,987 in 1998. The Company experienced a net loss of $1,032,012 or $0.09 per basic and diluted share in 1999, compared with a net loss of $1,489,675, or $0.17 per basic and diluted share during the prior year.
Commenting on the Company's performance, Gerry Pesut, President and CEO of ASI, said, "ASI implemented a number of its strategic objectives in 1999 as it successfully grew the business. Our core business, labor management ATServer(R)), was profitable; we entered new vertical markets, and significantly enhanced our web-based business-to-business or B2B enabling offering that should fuel significant growth in 2000. "ASI's suite of solutions offers a complete tool-set to address critical B2B issues that include:
-- Allowing real-time access to information required for effective order fulfillment
-- Enabling integration of front to back office applications
-- Providing real-time labor and product costing information essential for intelligent competition in the Internet Economy
"In 1999 the Company earned 86% of its revenue from new customers including Amazon.com, Johnson Controls, Inc., H.J. Heinz & Co., Lear Corporation, Volvo Trucking, New Venture Gear, Rolls-Royce Allison, Peregrine, Tokyo Electron
Texas, and Imperial Tobacco Ltd. The existing customer base provides significant opportunities for the company to introduce additional products and services."
Mr. Pesut continued, "Revenue in the fourth quarter slowed down considerably as a result of customers' deferring purchasing decisions due to Y2K concerns. Transactions anticipated to close in the fourth quarter are now expected
to be finalized during the first two quarters of 2000. Our net income for the year was impacted by major investments in our e-commerce initiatives."
Advanced Systems International (ASI) is a supplier of application software for the collection and distribution of business data across the enterprise. The Company's packaged products enable organizations to track critical production
inventory or labor data in real-time to support cost efficient, front to back office connectivity, streamlined supply chain fulfillment and the E-Business initiatives of its customers.
In conjunction with the provisions of the new "Safe harbor" section of the
Private Securities Litigation Reform Act of 1995, this news release may
contain
forward-looking statements pertaining to future anticipated projected
plans,
performance and developments, as well as other statements relating to
future
operations. All such forward-looking statements are necessarily only
estimates
of future results and there can be no assurance that actual results will not
materially differ from expectations. Further information on potential
factors
that could affect Advanced Systems International, Inc. is included in the
Company's Form 10KSB filed with the Securities and Exchange
Commission.
ATServer is a registered trademark and ATLink, ATWEBLink,
LABORVIEW.com, and
Laborview are trademarks of Advanced Systems International.
ADVANCED SYSTEMS INTERNATIONAL, INC.
CONDENSED AUDITED CONSOLIDATED STATEMENTS OF
OPERATIONS
For the Years Ended December 31, 1999 and 1998
Year Ended Dec. 31,
1999 1998
Sales $ 6,868,530 $ 2,379,987
Cost of Sales 1,052,144 155,147
Gross Profit 5,816,386 2,224,840
Operating Expenses
Sales & Marketing 2,076,897 974,923
Research & Development 1,190,532 314,587
General & Administrative ** 3,375,029 2,265,481
Earnings/(Loss) From Operations (826,072) (1,330,151)
Other Expense
Interest Expense 208,526 122,728
(Gain)/Loss On Settlement (2,586) 26,250
Loss on Disposal of Assets 8,305
Sundry 2,241
Net Earnings/(Loss) $ (1,032,012) $ (1,489,675)
Earnings/(Loss) Per Share -
basic and diluted $ (0.09) $ (0.17)
** General and Administrative Costs Include Implementation/Customer
Support
Costs
SOURCE Advanced Systems International
(C) 2000 PR Newswire. All rights reserved.
prnewswire.com
-0-
CONTACT: Investor Relations: Quentin Mai of Advanced Systems
International, 248-263-0000, 888-399-7000, or Email,
qmai@advsysintl.com
KEYWORD: Michigan
INDUSTRY KEYWORD: CPR
URL: advsysintl.com
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Jason |
